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because the underlying fundamentals in the u.s. economy are clearly improving, and you also have a stabilization or soft landing happening in china at the same time. >> david kelly, what do you want to be doing here? what's your strategy for the fiscal cliff? do you think we go over it, and what do you want to do? >> for a long-term investor, you don't try and play this one. i agree with stephanie about the market probably going higher once they get a resolution. they will get a resolution. it's possible it could go into early january. i still think they're more likely to get a resolution done before the end of the year. either way, they'll get a resolution done. when that happens, then we'll resort to looking at the u.s. economy, which is strengthening a bit here. also, the extreme and relative valuations between high-quality fixed income and equities will push money towards equities. i would not run for cover here because of the volatility. i think you just have to, you know, hold your ground through this and hope that the market moves higher next year. >> bob, this activity at
wood, rick santelli, and michael jones. guys, good to see you. thanks so much for joining us. steven, what's your take on the markets right now and this storm? how does it impact the economy and the markets from here? >> i think it's modestly constructive. i think we're still in the middle of the square root shaped economic recovery we've been in for over three years now. a grinding upward trend within the data. i think you saw some of the positive news. i think the chinese numbers were a little stronger than many had figured. so the global economy may not be decelerating as quickly as many had feared, but certainly earnings are going to trump a lot of investors coming into the season. i think coming into the fourth quarter, earnings are going to be critical but revenue is going to be extremely critical in an economic environment that's grindsi grinding upward. >> kevin, what about you? i know you're growing increasingly pessimistic about the impact of the fiscal cliff. what else is becoming a drag in terms of uncertainty on in economy and the market? >> i think right now markets are
up, middle east escalating in violence. it really feels like a lot of things getting us down. scott was just pulling out some of the things that are positive, like valuations being reasonable. there's plenty of easy money. if there's good news, we have to try and find it. let's hope earnings provide good news going forward. >> well, we could try to find it, but is that going to dictate the market? >> yeah, well, that's a really good question. i think obviously a lot of companies are struggling right now, especially if the company is also struggling. i think there's so much to con tepid with out there. maybe that's a question for some of the other guests as to whether or not we're going get decent earnings going and whether or not that lifts the market out of its slump. >> do you think we see a rebound in earn in the fourth quarter? what are you expecting in terms of that fundamental driver of the markets? that is corporate profits and revenue. >> the last three years you've really seen summer swoons. slow down in economic growth. you have housing bottoming and starting to move up. t
with a look at the day. michael santoli and rick santelli joining us. rick, tell me what the act was like today in chicago as the market for equities was all over the map. >> it was, but all the traders normally behind me are gone. futures closed an hour ago. on the left screen they had a one-minute chart of the s&p futures. on the other screen, a one-minute chart of the ten-year. it was all about the stock market today. just consider this, right before we knew the president was re-elected, the yield on a ten-year note was 175. here we sit at 161. unchanged from yesterday. still it down ten basis points from its last friday close at 171. pretty pitmuch most of the lowe yooel yields are based on uneasiness. fiscal cliff, raising taxes in a slow economy. all of it is coming home to roost. >> mike, we had the president come out saying that he will veto any legislation that allows the tax cuts to be extended for the highest earners. is that what poured water on the rally? >> it didn't hurt. obviously, there was no breakthrough. i think the one thing to take away from today's action was the fe
Search Results 0 to 3 of about 4